2 What is Blockchain?

Now that we’ve defined crypto currency – let’s talk about the underlying technology that makes it all possible.

Blockchain Technology is a digital ledger where transactions made in bitcoin or any other cryptocurrency are recorded publicly and agreed upon by everyone who participates in the network.

Because each transaction is recorded publicly and everyone can see what is written, there is only ever one version of the truth.

Why does this matter?

Up until this point, people have needed to rely on financial institutions and governments to relay important information to them. Every transaction processed on the blockchain is visible to all, which puts the power back into the hands of the users.

Now that we’ve given you a basic framework for cryptocurrency and blockchain technology – let’s discuss the cryptocurrency that you are here to learn about – Steem.

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3 What is Steem?